Trade Readies for February 2014 USDA Reports

Following are pre-report tradeexpectations ahead of the February 10 USDA Supply and Demand Report, to be released at 11:00 a.m. CT:

2013-14 carryover

Avg.

Range

USDA Jan.

2012-13

in billion bushels

Corn

1.606

1.574-1.667

1.631

0.821

Soybeans

0.143

0.130-0.151

0.150

0.141

Wheat

0.602

0.588-0.653

0.608

0.718

Traders expect USDA to raise its corn and soybean export projections, as total bookings are running well ahead of the needed pace to reach USDA's forecasts. Total corn bookings (sales plus shipments) as a percent of total exports are at 91%, which compares to 76% last year at this time and a five-year average of 64%. Meanwhile, total soybean bookings as a percent of total exports are at 106%, which compares to 94% last year and the five-year average of 85%.